News
On 19 March, Westpac New Zealand (Westpac NZ) (AA-/A1/AA-) launched an indicative NZ$100 million (US$72.2 million) five-year domestic deal to retail and institutional investors. The self-led transaction has indicative price guidance of 95-100 basis points area over mid-swap, with the final volume and margin to be set on 21 March.
The second week of March was busy on both sides of the Tasman Sea. The New Zealand Debt Management Office printed NZ$2 billion (US$1.5 billion) in its long-awaited 2029 nominal bond and Bank of Tokyo-Mitsubishi UFJ Sydney Branch priced a dual-tranche A$650 million domestic deal. Meanwhile, in securitisation MyState Bank printed a capped A$400 million (US$311 million) residential mortgage-backed securities transaction.
On 16 March, Kommunalbanken Norway (KBN) (AAA/Aaa) launched a minimum A$50 million (US$38.9 million) increase to its July 2028 Kangaroo bond. The forthcoming transaction has indicative price guidance of 51 basis points area over semi-quarterly swap and 60 basis points area over Australian Commonwealth government bond. Pricing is expected on the day of launch, according to lead managers Deutsche Bank and RBC Capital Markets.
The New Zealand Debt Management Office (NZDMO) says that with the dust settling on the outcome of last year’s election, and New Zealand dollar market conditions remaining conducive, the time was right to issue its new April 2029 nominal bond. The transaction received substantial demand from offshore, resulting in the largest-ever book for a NZDMO syndication.
Following a round of investor meetings, Pepper confirmed on 15 March that it plans to issue a new nonconforming residential mortgage-backed securities (RMBS) deal. Price guidance has been disclosed on the top four Australian dollar denominated tranches (see table below).
Westpac New Zealand (Westpac NZ) (AAA-/A1/AA-) mandated a new, five-year deal in its domestic market on 15 March. The self-led transaction is in fixed-rated format.
